Sanwo-Olu Witnesses Nigeria-US Deal to Unlock $700bn Mineral Wealth

Golden Page News | September 25, 2026

NEW YORK — Lagos State Governor Babajide Sanwo-Olu has welcomed a new Nigeria-United States framework aimed at attracting greater investment into Nigeria’s estimated $700 billion mineral resources and developing local value chains in the country’s mining sector.

Sanwo-Olu, who witnessed the signing ceremony at Nigeria’s Mission House in New York, said the agreement represented an important step toward turning Nigeria’s vast mineral resources into sustainable economic opportunities.

The framework was signed by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and United States Deputy Secretary of State Christopher Landau during the ongoing 81st United Nations General Assembly.

In a statement, Sanwo-Olu said he was “in the room” when the agreement was signed, describing the development as an important step forward for Nigeria’s economy.

According to the governor, the framework is designed to move Nigeria beyond the traditional export of raw minerals by strengthening domestic processing, exploration, infrastructure and technical capacity.

“The focus of the framework is to move beyond simply exporting raw materials by building a stronger local value chain through processing, exploration, better infrastructure and technical capacity,” Sanwo-Olu said.

The agreement provides a framework for increased cooperation between Nigeria and the United States across geological data and exploration, mineral development and processing, infrastructure development and technical capacity building. It is also intended to facilitate business-to-business transactions and attract investment into Nigeria’s mining value chain.

Nigeria seeks greater value from its mineral resources

The development comes as the Federal Government intensifies efforts to attract foreign capital into the solid minerals sector while encouraging greater value addition within Nigeria.

Minister Dele Alake said at the signing ceremony that Nigeria’s objective was not to remain a supplier of raw materials while other countries captured most of the value generated from them.

He said the government wanted to increase local processing, develop technical skills, create quality jobs and expand opportunities for Nigerian businesses.

Alake described the agreement as a framework for the future, stressing that its success would depend on implementation and the conversion of the agreement into viable projects and commercial partnerships.

The minister said the next stage would involve identifying viable projects, mobilising investment and developing partnerships capable of producing measurable economic benefits.

US signals stronger economic partnership

U.S. Deputy Secretary of State Christopher Landau said Washington regarded Nigeria as an important partner and expressed support for greater economic cooperation between the two countries.

Landau said the agreement was intended to create opportunities for increased prosperity in both countries and described Nigeria as a regional power.

“The signal we are sending is that the United States and Nigeria are partners,” Landau said.

He also pointed to increased cooperation between the administrations of U.S. President Donald Trump and Nigerian President Bola Ahmed Tinubu, saying Washington wanted to build on the momentum in bilateral relations.

Sanwo-Olu: Opportunities must benefit Nigerians

For Sanwo-Olu, the significance of the agreement goes beyond attracting foreign investment.

The Lagos governor said Nigeria must ensure that opportunities created by the new partnership translate into tangible benefits for citizens, including jobs, skills development, industrial growth and stronger businesses.

He also linked the agreement to President Tinubu’s Renewed Hope Agenda, particularly the Federal Government’s efforts to diversify the Nigerian economy away from excessive dependence on traditional sources of revenue.

“This will help us turn Nigeria’s mineral wealth into lasting growth and support President Bola Ahmed Tinubu’s Renewed Hope Agenda to diversify our economy,” Sanwo-Olu said.

The governor added that it was encouraging to witness the development firsthand and stressed the importance of ensuring that emerging opportunities benefit people in Lagos and across the country.

From mineral wealth to industrial development

Nigeria is believed to have significant deposits of a range of solid minerals, but the sector has historically faced challenges including inadequate geological data, limited infrastructure, insufficient processing capacity and difficulties attracting large-scale investment.

The new Nigeria-US framework seeks to address some of these areas by combining investment opportunities with cooperation in exploration, processing, infrastructure and technical development.

The Federal Government has placed greater emphasis on developing the mining sector as part of its broader economic diversification strategy. The government estimates the country’s mineral resources at approximately $700 billion.

The agreement therefore places greater emphasis on developing mineral value chains within Nigeria rather than simply extracting minerals for export.

For Lagos, Sanwo-Olu’s participation in the New York ceremony also highlights the state’s interest in broader national economic opportunities, particularly those capable of generating investment, jobs and industrial activity.

The road ahead

While the signing represents a new stage in Nigeria-US cooperation in the mining sector, the parties now face the task of translating the framework into concrete investments and operating projects.

Alake acknowledged this challenge at the ceremony, saying implementation would be the critical next step.

“A signature is a promise, results are the proof,” the minister said, according to the Federal Ministry of Information and National Orientation.

The framework is expected to provide a platform for identifying commercially viable projects and encouraging partnerships between Nigerian and American businesses.

For Sanwo-Olu, the ultimate measure of the initiative will be whether Nigeria can convert its mineral endowment into lasting economic value.

As the country seeks to diversify its economy and expand its industrial base, the Nigeria-US mineral partnership could open another avenue for investment in exploration, processing, infrastructure and technical skills — provided the agreements reached in New York translate into projects and opportunities on the ground.